Bitcoin ETFs Lose $412M as BlackRock’s IBIT Leads Withdrawals

US spot Bitcoin exchange-traded funds (ETFs) recorded another significant withdrawal on November 6, losing a combined $411.92 million as BlackRock's IBIT led the outflows. Fidelity's FBTC was the only fund to attract fresh capital, recording a $42.82 million net inflow.

According to SoSoValue data, the latest withdrawals marked the second consecutive trading session of net outflows. Bitcoin ETFs lost approximately $430.20 million on November 5, bringing the combined withdrawals across both sessions to $842.12 million.

The latest figures highlight continued pressure on institutional demand for Bitcoin exposure through regulated investment products.

BlackRock's IBIT Accounts for Most of the Outflows

BlackRock's iShares Bitcoin Trust (IBIT) recorded the largest net outflow on November 6, with approximately $403 million leaving the fund.

Despite the withdrawal, IBIT's cumulative historical net inflows remained substantial at approximately $65.10 billion.

Fidelity's Wise Origin Bitcoin Fund (FBTC) moved in the opposite direction. It attracted $42.82 million in fresh capital, making it the only Bitcoin spot ETF to record a net inflow during the session. Its cumulative historical net inflows reached approximately $10.27 billion.

Other funds also recorded withdrawals:

• Bitwise's BITB: $20.55 million in outflows.
• ARK 21Shares' ARKB: $20.09 million in outflows.
• Grayscale's GBTC: $11.11 million in outflows.

The remaining funds recorded no net change.

The contrast between IBIT and FBTC is notable. While investors withdrew substantial capital from BlackRock's product, Fidelity continued to attract inflows. This suggests that demand was not uniform across all Bitcoin investment products.

Bitcoin ETF Assets Fall Below $96 Billion

The latest withdrawals also reduced the total assets held by US spot Bitcoin ETFs.

As of November 6, the combined net asset value of the funds stood at approximately $95.90 billion. Their net asset ratio, which measures ETF assets against Bitcoin's total market capitalization, was 6.28%.

Despite the recent withdrawals, cumulative historical net inflows across all US spot Bitcoin ETFs remained positive at approximately $55.70 billion.

These figures show that the products still hold a substantial amount of capital, even as recent trading sessions have brought renewed selling pressure.

Altcoin Buzz previously reported that Bitcoin ETFs lost $430 million on November 5, with Fidelity and BlackRock leading withdrawals. The latest session extends that period of weakness.

What Do Continued ETF Outflows Mean for Bitcoin?

Spot Bitcoin ETF flows are an important indicator of demand from investors accessing Bitcoin through traditional financial markets.

When investors create new ETF shares, funds generally acquire additional Bitcoin to back those shares. When investors redeem shares, funds may need to sell Bitcoin to meet those redemptions.

Continued net outflows can therefore reduce demand from this investment channel and potentially add selling pressure to the market. However, ETF flows alone do not determine Bitcoin's price, as exchange activity, derivatives positioning, macroeconomic conditions and other sources of demand also matter.

The latest withdrawals also follow a difficult period for cryptocurrency markets. Bitcoin fell below $76,000 on November 5 amid a broader technology-stock selloff and more than $1 billion in cryptocurrency liquidations.

The next few trading sessions will be important for determining whether the latest ETF withdrawals represent temporary portfolio adjustments or a more sustained decline in institutional demand.

For now, BlackRock's IBIT outflows remain the biggest development to watch, while Fidelity's continued inflows offer a contrasting signal.